Cyborg by ko. She is more confident in her power and ability to seriously hurt you. I can't say she is stronger than Holly, but when you're confident you're stronger. Holly will have to fight more tactically than did Jorina Baars because if she absorbs the same punishment Jorina absorbed she'll be in trouble with those 4 oz gloves. It seems more likely that Cyborg will do her thing than for Holly to fight a career defining fight.
Many people mention Holly's fight vs Shevchenko but Valentina does not fight like Cyborg. Bullet, being a true 125 lb fighter, floats like a butterfly. She was able to implement the same style on Holly that I recommend Holly use against Cyborg, and all the stars must be aligned. IF Holly finds tht she can't stay away from Cyborg she shoudl do the unthinkable and actually walk Cyborg down. Why? Cyborg's ability to fight going backwards is unproven and it will be Holly's only chance.
We also must remember than many people felt Holly beat Germaine. At the very least we can admit that the first illegal shot landed after the bell on Holm was damaging enough to buckle Holly's knees. Keep in mind that another late shot was landed after the bell. Had a point been deducted, and had Holly not had to fight through recovery from those shots, she would have probably won the title.
In a nutshell, I don't believe we should look at Holly's previous losses nearly as hard as we should look at the new dynamic she presents to Cyborg. It's usually easier to prepare for a pressure fighter than it is to prepare for a technician. That said, Holly will still need to fight the fight of her life because she will also be against a force that is unlike any other she has faced in an octagon or boxing ring.